HACBED reports asset-building bills are still alive

As the Legislature struggles with the state’s current fiscal situation, the Hawaii Alliance for Community-Based Economic Development says it is encouraged that several asset policy bills are still alive. These include:

• HB 333, HD 2, SD 1 – Creates a state earned income tax credit.
• SB 194, SD 2 – Prohibits a tax preparer from designating their account for direct deposit of a refund rather than their client.
• HB 447, HD 1 – Makes revisions to the payday lending law that clarify disclosure of fees and allows for payment plans.
• SB 1197, SD 1 – Requires periodic review of state tax credits similar to a tax expenditure report.
• HCR 16, HD 1 – Calls for counties to support efforts that get individuals who are “unbanked” into mainstream financial services.

HACBED has recently updated its website with links and resources. Click here to visit the site. The agency notes that the federal stimulus bill presents many asset-building opportunities. More information is available from the National Council on Nonprofits and from Hawaii’s congressional delegation for funds designated for Hawaii.